The Channel district is getting closer to solving its chicken-or-egg dilemma, with more residential growth driving the retail market upward, creating a virtuous cycle.
It’s a dynamic that can be seen in the investor interest in The Slade.
A team of brokers from HFF LP in Tampa, led by director Matt Mitchell, is marketing 214 of The Slade’s 294 units for sale for Crescent Heights, according to marketing materials for the property. The other 80 units in the building are individually owned.
Mitchell said HFF is seeing a lot of interest in the property – some from investors who would operate it as rentals and some who would start selling units “in the near to mid-term.”
“There is a shared belief among investors that both the rental and for-sale markets in downtown Tampa and Channelside are in a position to experience significant growth,” Mitchell wrote in an email.
And that’s evident in much smaller deals transpiring around the neighborhood.
A dual concept florist and restaurant will fill a vacant storefront in the Ventana. Preliminary plans for the redevelopment of Channelside Bay Plaza are starting to take shape, with Franklin Street showing the plans to national retailers, restaurant operators and entertainment concepts.
“It is evident that the recent investments made by the city in cultural infrastructure such as the Riverwalk, parks, and museums, have made the city a much more desirable place to live,” Mitchell wrote, “and this in turn is attracting private investments such as the redevelopment of Channleside Bay Plaza. When you see more retail development, restaurants and nightlife, you’ll see demand for residential product increase, as well.”
|Total residential units in The Slade||Number of rental units marketed
for sale by HFF LP
|Year The Slade was built||Average rents PSF in The Slade||Average size in SF of the units Crescent Heights is selling in The Slade|